Business
BREAKING: CBN stops selling FOREX to Bureaux de change
The Central Bank of Nigeria (CBN) on Tuesday stopped sale of foreign exchange to bureaux de change..
The apex bank also accused international bodies operating in Nigeria of sabotage.
The CBN governor, Godwin Emefiele, who spoke shortly after the Monetary Policy Committee (MPC) meeting, accused BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them.
He also said CBN will no longer renew licences of BDCs.
Emefiele also accused international agencies and embassies operating in Nigeria of illegally patronising BDCs.
According to him, international development finance institutions, embassies and others are supposed to patronise the importer and exporter window, where there is transparency.
Henceforth, previous allocation of foreign exchange to BDCs will now be given to banks to sell to customers.
In addition, the CBN governor accused BDCs of dollarisation of the Nigerian economy.
Some other allegations against BDCs are that: they have become an avalanche of rent seeking operators; owners owning multiple BDCs; and financing unauthorized transactions.
“The quality of a woman isn’t measured by the hair on her head but by her brain” – Yul Edochie cautions ladies against killing themselves over expensive hair this Christmas
President Tinubu cancels Lagos engagements in honor of food stampede victims
Moment stage collapses on Odumodublvck during concert performance (Video)
Goods worth millions of naira destroyed as fire guts spare parts market in Ibadan
Farmer k!lled, three siblings and one other severely injured as bomb explosions rock Niger state community
Video trends as Nigerian lady transforms face into Jesus Christ with makeup (Watch)
Lady swaps old woman’s ATM card while pretending to help, steals N2M
“The money wey dem pay me don expire” – Moment Burna Boy stops his performance at the Oando PLC end of the year party (Video)
-
Celebrity Gossip & Gist1 day ago“The money wey dem pay me don expire” – Moment Burna Boy stops his performance at the Oando PLC end of the year party (Video)
-
Economy1 day agoGoods worth millions of naira destroyed as fire guts spare parts market in Ibadan
-
Celebrity Gossip & Gist8 hours agoMoment stage collapses on Odumodublvck during concert performance (Video)
-
Economy7 hours agoPresident Tinubu cancels Lagos engagements in honor of food stampede victims